Kassirer Asset Management Corp continued to hold its position in Media General Inc. (NYSE:MEG) during the second quarter, Holdings Channel reports. The institutional investor owned 50,000 shares of the company’s stock at the end of the second quarter. Kassirer Asset Management Corp’s holdings in Media General were worth $860,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MEG. Strs Ohio bought a new stake in shares of Media General during the second quarter worth approximately $108,000. BlackRock Inc. boosted its stake in shares of Media General by 117.9% in the first quarter. BlackRock Inc. now owns 6,654 shares of the company’s stock worth $109,000 after buying an additional 3,600 shares during the period. Seven Eight Capital LLC bought a new stake in shares of Media General during the first quarter worth approximately $154,000. LPL Financial LLC bought a new stake in shares of Media General during the first quarter worth approximately $221,000. Finally, Park Avenue Institutional Advisers LLC bought a new stake in shares of Media General during the first quarter worth approximately $538,000. Institutional investors own 93.62% of the company’s stock.
Media General Inc. (NYSE:MEG) traded up 0.17% during mid-day trading on Thursday, reaching $18.13. The company had a trading volume of 465,627 shares. Media General Inc. has a one year low of $13.73 and a one year high of $18.19. The firm’s 50-day moving average is $17.83 and its 200-day moving average is $17.43. The firm’s market capitalization is $2.34 billion.
Media General (NYSE:MEG) last announced its quarterly earnings results on Friday, August 5th. The company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.02. Media General had a negative net margin of 3.50% and a positive return on equity of 3.48%. The firm had revenue of $363 million for the quarter, compared to analyst estimates of $365.85 million. During the same period in the previous year, the business posted $0.01 earnings per share. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, equities research analysts anticipate that Media General Inc. will post $0.82 earnings per share for the current fiscal year.
Separately, Zacks Investment Research cut Media General from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 7th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $15.57.
In other news, VP Deborah A. Mcdermott sold 4,000 shares of Media General stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $17.90, for a total transaction of $71,600.00. Following the sale, the vice president now directly owns 4,545 shares of the company’s stock, valued at $81,355.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 16.50% of the company’s stock.
About Media General
Media General, Inc is a television broadcasting and digital media company. The Company provides news, information and entertainment in markets across the United States. The Company operates or services 71 network-affiliated broadcast television stations in 48 markets along with the digital media business.
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